TOEFL stands for Test Of English as a Foreign Language (Educational Testing Service) Suggest new definition. This definition appears very frequently and is found in the following Acronym Finder categories: Organizations, NGOs, schools, universities, etc.
Not only do they allow for co-signer(s), but they allow for non-occupying co-borrowers. FHA requires a co-borrower to be a near relative i.e. parents, aunt or uncles, cousins, etc.The good news is that FHA does not require co-borrowers to live with you where other types of loan require that borrowers and co-borrower co-habitat.In simple terms, we lenders calculate the combined income and the debts of all borrowers/co-borrowers to determined your qualification.he good news is that FHA does not require co-borrowers to live with you where other types of loan require that borrowers and co-borrower co-habitat. In simple terms, we lenders calculate the combined income and the debts of all borrowers/co-borrowers to determined your qualification.
All the risk, very little reward. You might co-sign on a loan for a car you are not driving or a mortgage loan for a house you don't live in, but that doesn't change your liability. Your credit score benefits only slightly from the monthly payments. And since you qualified as a co-signer because of your good credit, you don't necessarily need more credit lines. By co-signing, you take on all the risk if the loan is not repaid but may only see a modest improvement to your credit score.